Why JP Morgan’s Blockchain Patent Application Is Not That Surprising

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This is not accurate, just as JP Morgan’s filing for a patent based on distributed ledger technology does not mean they are now staunch Bitcoin supporters.However, the surprise might come later. Criticism was never labeled against blockchainWhile their skepticism surrounding Bitcoin and cryptocurrencies is clear, JP Morgan, and Jamie Dimon, never expressed any animosity towards blockchain’s legitimacy. In fact, JP Morgan is one of the underlying technology’s earliest supporters and testers.As far back as 1999, the bank filed a patent for an alternative payments network. JP Morgan is also one of over 300 members that make up the Enterprise Ethereum Alliance (EEA).The bank has a strong record of support for blockchain itself and their latest patent application should come as no surprise. All this happened within the space of four months and cemented JP Morgan’s perceived reputation - and Dimon’s personal reputation - as the ultimate Bitcoin and cryptocurrency “villain”.

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JP Morgan once again caused a bit of an upheaval within cryptocurrency circles last week - this time with the publication of their peer-to-peer (P2P) payments network patent application based on distributed ledger technology, like blockchain.

Some crypto enthusiasts branded the move as “hypocrisy to the extreme.” The criticism is not unfounded but perhaps not accurate. The bank, and to a greater extent, their outspoken CEO, Jamie Dimon, has been responsible for a lot of fear, uncertainty and doubt surrounding Bitcoin and cryptocurrencies as a whole.

“Bitcoin is a fraud”

The Jamie Dimon/JP Morgan saga of 2017 is still fresh in the minds of crypto enthusiasts. It all started with Dimon’s now-infamous words...

Read the full article @ Coin Telegraph